Earlier today, Reuters reported that Vitol had been dealing with Iran even as the EU and the U.S. had imposed sanctions against the country.Vitol, a Switzerland-based firm is the world’s largest trader in oil.
Moments ago the Financial Times noted that Vitol published a statement on its website responding to the report.
Vitol statement concerning trade in Iranian crude oil and oil products
The Vitol Group confirmed today the following concerning trade in Iranian crude oil and oil products:
- The Vitol Group ceased all sales of refined product to Iran and all purchases of crude oil from Iran in advance of all applicable international sanctions legislation.
- A Bahraini subsidiary company purchased a spot cargo of fuel oil from a non Iranian counterparty in July 2012. The fuel oil delivered under contract was of Iranian origin. Vitol Group companies no longer purchase any product of Iranian origin.
- Trade with Iran never constituted a material part of Vitol’s international business.
- The Vitol Group is in compliance with all applicable international laws and regulations governing trade with Iran.
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